I was minded to comment "Wow, just wow!" and leave it at that. 

As Colliers state, a correction was due in the market, but a drop of nearly 50% in 6 months is unquestionably eye-catching: for some who piled in in mid-2022, it may be eye-watering. 

As Colliers note though, the fundamentals of the occupational I&L market remain strong, with continued rental growth over that same 6 month period. That means that, even with continuing uncertainties with development costs, a drop in land prices like this means that "cash-rich, long-term investors can strike now while the values are down", and (if Colliers are rightly predicting that we are near the bottoming out of values) feel a bit smug.